Florida regulators approved a proposal from Homeowners Choice Property & Casualty Co. to increase its policy takeout authorization from Citizens Property Insurance Corp.

The approval allows Homeowners Choice to boost the number of policies it takes out from Citizens to 95,000, the a release said. Previously it was authorized to take out 30,000 policies.

Citizens is a state-created homeowners insurance company. The state’s take-out program encourages private insurance companies to assume policies from Citizens to reduce the state’s risk exposure.

The increased takeout authorization reflects recognition by the Florida Office of Insurance Regulations of the “solid financials and capitalization” at Homeowners Choice, F.X. McCahill, chief executive, said in the release. McCahill said the company would use the authorization to assume additional policies over the next few months, provided they meet stringent underwriting criteria.

Homeowners Choice Inc. (NASDAQ: HCIIU), headquartered in Clearwater, completed an $11.6 million initial public offering in July.

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